Searching for your content…
Phone
+44 (0)20 7454 5110 from 8 AM – 5:30 PM GMT
Contact Us
+44 (0)20 7454 5110
from 8 AM – 5:30 PM GMT
News provided by
02 Sep, 2022, 00:30 BST
Share this article
Advent of connected enterprises, need for mass manufacturing of products, and rise in adoption of digital techniques and augmented reality (AR) technologies in manufacturing drive the growth of the global industrial automation market.
PORTLAND, Ore., Sept. 1, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Industrial Automation Market By Component (Hardware, Software, Service), By Hardware (Industrial Sensors, Machine Vision Systems, Field Instruments, Industrial Robots, Human machine Interface, Industrial PCs, Others), By Software Type (Supervisory Control And Data Acquisition, Programmable Logic Controller, Distributed Control System, Manufacturing Execution System, Industrial Safety, Plant Asset Management), By Industry Vertical (Oil and Gas, Manufacturing, Automotive, Healthcare, Food and Bevarages, Chemicals, Energy and Power, Metal and Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021–2031.” According to the report, the global industrial automation industry generated $196.4 billion in 2021, and is estimated to reach $443.5 billion by 2031, witnessing a CAGR of 8.7% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Advent of connected enterprises, need for mass manufacturing of products, and rise in adoption of digital techniques and augmented reality (AR) technologies in manufacturing drive the growth of the global industrial automation market. However, high initial capital investments and re-investments along with lack of sufficient technical knowledge restrain the market growth. On the other hand, surge in demand for safety-compliant automation solutions and industrial internet of things (IoT) solutions presents new opportunities in the coming years.
Download Report Sample (325 Pages PDF with Insights) at:
https://www.alliedmarketresearch.com/request-sample/17967
Covid-19 Scenario
Get detailed COVID-19 impact analysis on the industrial automation market:
https://www.alliedmarketresearch.com/request-for-customization/17967
The software segment accounted for the largest market share in 2021
Based on component, the software segment accounted for the largest market share in 2021, contributing to more than two-fifths of the global industrial automation market. This is due to processing and analysis of massive amount of data generated by an organization and conversion to actionable insights that provides operational benefits and outcomes. However, the hardware segment is projected to lead in terms of revenue by 2031. On the other hand, the service segment is estimated to register the highest CAGR of 11.7% from 2022 to 2031, owing to reduction in time and costs associated with optimization of systems in the initial phase of deployment.
The industrial sensors segment to maintain its dominant share during the forecast period
Based on hardware, the industrial sensors segment contributed to the largest market share in 2021, accounting for more than one-fourth of the global industrial automation market, and is expected to maintain its dominant share during the forecast period. This is attributed to technological advancements such as development of internet of things (IoT) and artificial intelligence (AI). However, the industrial robots segment is estimated to manifest the highest CAGR of 11.9% from 2022 to 2031. This is due to rise in demand for automation and rapid growth in industrialization.
The manufacturing segment to continue its highest contribution throughout the forecast period
Based on industry vertical, the manufacturing segment accounted for the largest market share in 2021, holding nearly one-fifth of the global industrial automation industry, and is estimated to continue its highest contribution throughout the forecast period. This is due to carrying out a variety of tasks including painting, welding, finishing, and assembly. However, the healthcare segment is projected to register the fastest CAGR of 11.8% from 2022 to 2031, owing to application in collection and storage of the patient information such as heart rate, blood pressure and temperature.
North America held the highest market share in 2021
Based on region, North America held the highest market share in 2021, accounting for more than one-third of the global industrial automation market. This is due to high spending on data analytics and data processing solutions in the region. However, Asia-Pacific is projected to grow at the largest CAGR of 11.4% from 2022 to 2031, owing to rise in digital and economic transformation in the region.
If you have any questions please feel free to contact our analyst at:
https://www.alliedmarketresearch.com/connect-to-analyst/17967
Leading Market Players
>> LIMITED-TIME OFFER << Buy Now & Get Exclusive Discount on this Premium Report
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:
https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
https://www.alliedmarketresearch.com/avenueTrial
Similar Reports:
Customer Engagement Solutions Market Expected to Reach $48.4 Billion by 2031
Advanced Persistent Threat Market Expected to Reach $30.9 Billion by 2030
Visual Analytics Market Expected to Reach $28.9 Billion by 2031
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
More news releases in similar topics
+44 (0)20 7454 5110
from 8 AM – 5:30 PM GMT
